…when a house goes on the market these days! Zillow’s June Market Report says properties are selling one week faster than they did a year ago and there are 5% fewer homes on the market. The average time on market for a home is 78 days nationwide – including the time it takes to close! Here are some things people need to know about these fast-paced market conditions: Both home buyers and home sellers need to get ready – because things are going to move quick once the sale is set in motion. If you’re buying your first home – or if you’re a seller moving to another home – make sure you have your financing lined up and that you’re pre-approved (that’s different from pre-qualified). If you haven’t found an experienced, professional Realtor and lender to work with – we can help!
Also, GCS Title is all about the customers. We understand the pressures buyers and sellers are under and what how important the transaction we are closing for you is. You can count on us to “bring the hustle” and make sure you can keep up with the market, your closing date and your goals. We’re here to help! ~Charlie
A lot of new rules and changes have hit the real estate and mortgage industries in the last few years. Here’s a little background and an update and then we’ll get to what you really need to know.
The intent of a lot of these new regulations – and all the acronyms that go along with them like CFPB and TRID – is to educate and protect consumers. The Dodd Frank Act is responsible for a lot of changes in the way business is done going forward and there are many folks opposed to all or part of the sweeping bill. A congressman from Texas has now introduced what he calls “the Republican plan to replace Dodd-Frank and promote economic growth.” Its name is Financial CHOICE Act— complete with its own acronym that stands for “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.” It’s not clear if it will get anywhere – there’s no companion bill in the Senate yet or official reaction from the rest of Washington.
It’s almost impossible to keep track of everything politicians are up to with regard to real estate and mortgage regulation. For now, know this: You need to surround yourself with great professionals who are up to date on the rules, timelines and how to make the transaction go as smooth as possible for everyone involved. At GCS Title, we have an amazing team dedicated to doing just that. Meet our great people here: https://www.gcstitle.com/meet-the-team/
Whether you’re a Realtor, a loan officer, a homeowner or potential buyer, we want you to know “we get it” and we’re here to help. Call us any time! ~Charlie
The summer could be a rollercoaster based on new information from the National Association of Realtors (NAR) and online real estate resource Zillow. Sales of existing homes went up 1.7% between March and April and they’re up six-percent year-over-year. Prices are higher too: NAR reports that the median home price has jumped 6.3% from April 2015, making this the 50th consecutive month of annual home price gains. So there’s the highs – the lows have to do with housing inventory. The April Zillow Real Estate Market Report shows there are 3.4% fewer homes on the market today than there were this time last year. There’s an eight-percent drop in the number of homes for sale in the entry level price range, making it even tougher for first-time home buyers than other property categories. So we’ve got a supply and demand situation that’s driving prices up. I’m not bringing this up to scare people, but rather to make them aware. These market conditions mean it’s more important than ever for consumers to make sure they’re working with experience, full-time, qualified real estate and mortgage professionals. When bidding wars are likely, top-notch representation is critical. GCS is here to help home buyers and sellers have a great experience throughout the closing process and we work with outstanding Realtors and loan officers every day. Let us know if you’d like to meet one! ~Charlie
A few weeks ago we pointed out that Minneapolis made a Top 10 List for downtowns to buy a home in and this week it’s all about the suburbs. The National Association of Realtors (NAR) is constantly conducting surveys and publishing consumer sentiment and preferences. NAR’s latest report found that 85% of current homeowners and 75% of current renters prefer a suburban single-family house versus 15% of homeowners and 21% of renters aiming to buy a residence in an urban area. Anyone who has noticed the number of units being built in our Minneapolis-Saint Paul downtown areas might disagree with this comment from NAR’s chief economist Lawrence Yun: “The American Dream for most consumers is not a cramped, 500-square-foot condo in the middle of the city, but instead a larger home within close proximity to the jobs and entertainment an urban area provides.”
The last thing I want to do is pit urban lifestyle against life in the ‘burbs – to each his or her own. But that’s just it – we at GCS Title and our Realtor and Loan Officer partners are all about helping you own – whatever type of property best suits your personal taste and situation. Homeownership is still the way many Americans build their worth and financial futures, so don’t let trends, general media reports or anyone else besides a qualified professional help you make the huge decision of what – whether – where or when to buy your own home. Of course we navigate you through your closing, but we also work closely with amazing professionals every day and we’re happy to help you find the right real estate and lending professional to get your questions answered! ~Charlie
Millennials…we hear this group mentioned so often, I’m starting to feel like Jan from the Brady Bunch – “Marcia, Marcia, Marcia!” But I can’t deny how important they are to the MN housing market and economy, so I’ll get over myself to share some important news: The use of FHA loans (and other low down payment programs) to purchase homes is up 23-percent from the first quarter of this year according to RealtyTrac and the interpretation is that more MN first time home buyers are getting into the market. That’s great because we need them! Millennials have been lukewarm about MN homeownership for the last few years, so the real estate community really needs to reach out and share the news that FHA made some changes that make payments more affordable. There’s also other low down payment programs – even MN down payment assistance – so we all need to make sure that we promote all the great options to help people buy MN homes – Millennials or not.
If you’re thinking of buying or selling, I can put you in touch with great real estate and mortgage professionals who specialize in your area and situation. Message me!
Owner & President
Who doesn’t love to be appreciated? Guess who’s getting a ton of appreciation right now…MN homeowners!
RealtyTrac says that “U.S. sellers so far in 2015 are realizing the biggest gains in home price appreciation since 2007. In June, sellers sold for above estimated market value on average for the first time in nearly two years.” It’s time to reach out to these MN homeowners, our past clients and update them on what their MN homes are worth. Is it possible – or time – to move up, move on or downsize? MN homeowners may have options they didn’t know they had. We know that MN housing inventory is tight in many areas and price ranges, so these latest numbers may be game changers.
Let’s mobilize to help people get moving!
Owner & President